Lease Accounting Software as per Ind AS 116

For corporate accounting teams, lease accounting can be a complex and overwhelming challenge. Managing your lease portfolio and staying compliant involves juggling dozens of policies, regulations, and compliance requirements. Thankfully, our ground-breaking software will make managing your lease portfolio a breeze!

Lease Accounting Software has been designed by experts who know their stuff – professional accountants boasting in-depth practical experience combined with hard core software engineers who understand the needs of businesses like yours. Our comprehensive software is hosted on Amazon Web Servers for unmatched performance and reliability. Lease Accounting Software gives you all the tools you need to quickly and easily compute right-of-use and lease liability on the fly. Plus, our easy-to-use amortization table enables you to keep an eye on how every single lease impacts your bottom line.

You can also conveniently view all of your lease details in one place – so no more frantic searches when you need information fast! As if that weren’t enough, Lease Accounting Software also allows you to generate journal entries at the lease level, get a trial balance for any given date, or review general ledger information for any range of dates. So for companies struggling with compliance requirements or simply looking for an easier way to manage their leases – Lease Accounting Software is here to help!

• Effective date: 1st April 2019

Highlights:

• Leases are recognized in the balance sheet as a ‘right-of-use’ asset and a ‘lease liability’.
• Provides exemptions for short-term leases and leases of low value items. User can define asset classes for availing exemption as per the asset class
• Different modes of payment – Monthly, Quarterly, Half-yearly or Yearly either at the beginning of the period or at the end of the period can be handled by the system
• Computation of Right-of-Use, Amortisation, Lease Liability, imputed income from interest-free deposits with complete accounting entries for the entire life of the lease
• All Accounting entries are generated on the fly with ability to see key account balances at every reporting date
• Disclosures provided as per the requirements of the Accounting Standard

Data upload:

• Lease data and lease deposit data imported from a file
• Initial indirect cost, costs of removal and restoring, lease incentives and residual value guarantee data all captured by the system
• Input the risk-free rate and the credit rating of the counterparty to compute the imputed interest income from lease deposits with reduced or no interest

Lease modifications:

• Cloud-based application with full security
• Three User Profiles provided in the Customer Portal:
• Accountant role – Multiple accountants can enter the data. Each accountant can view or edit the data uploaded by her/him
• Manager role – Manager login responsible for the processed output, who can view and edit all data entered by any accountant. Manager can process the data and generate all reports
• Auditor role – Auditor login to view all the input data and reports available in the system. Can view the entire audit trail for all transactions
• Dashboard giving details of the Right-of-use, amortization, lease liability, imputed income and finance charges for any given lease or all leases

Implementation:

• Transition methods – Full retrospective, modified retrospective approach #1 and modified retrospective approach #2 available on a lease by lease basis
• Accounting entries can be exported to the user’s accounting system

Pandemic Concessions:

• Amendments pertaining to COVID-19 concessions are incorporated into the system

For demo and sales details contact +91 63790 06929